Statoil has transferred its 18.75% interest in West Qurna 2 oil field in Iraq to Lukoil of Russia, the operator. It didn’t disclose terms.
Lukoil recently began drilling production wells and building the central processing facility at the field, where it plans to produce 500,000 b/d by 2013-14 (OGJ Online, Apr. 26, 2012).
Peter Mellbye, Statoil executive vice-president for development and production, international, said “We are happy with the cooperation with Lukoil and the Iraqi authorities” but said Statoil had “decided to pursue other projects and opportunities.”
Lukoil now holds 75% interest in the contract to develop West Qurna 2, which holds reserves estimated at 14 billion bbl. State-owned North Oil Co. holds 25%.